Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 2017-2 Leases for inclusion in the 2017-2 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 2017-2 Leases which would cause delinquencies or losses on the 2017-2 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 2017-2 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 2017-2 Lease or 2017-2 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 2017-2 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 2017-2 Lease and (ii) direct the Vehicle Trustee to reallocate such 2017-2 Lease and the related 2017-2 Vehicle from the 2017-2 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 2017-2 Vehicle and the related 2017-2 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 2017-2 Vehicle or 2017-2 Lease pursuant to this Section 2.3(a) or the eligibility of any 2017-2 Vehicle or related 2017-2 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services Vehicle Trust (BMW Vehicle Lease Trust 2017-2), Financial Services Vehicle Trust (BMW Vehicle Lease Trust 2017-2)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172024-2 Leases for inclusion in the 20172024-2 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172024-2 Leases which would cause delinquencies or losses on the 20172024-2 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172024-2 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172024-2 Lease or 20172024-2 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172024-2 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172024-2 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172024-2 Lease and the related 20172024-2 Vehicle from the 20172024-2 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172024-2 Vehicle and the related 20172024-2 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172024-2 Vehicle or 20172024-2 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172024-2 Vehicle or related 20172024-2 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services (BMW Vehicle Lease Trust 2024-2), Financial Services (BMW Vehicle Lease Trust 2024-2)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172021-2 1 Leases for inclusion in the 20172021-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172021-2 1 Leases which would cause delinquencies or losses on the 20172021-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172021-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172021-2 1 Lease or 20172021-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172021-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172021-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172021-2 1 Lease and the related 20172021-2 1 Vehicle from the 20172021-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172021-2 1 Vehicle and the related 20172021-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172021-2 1 Vehicle or 20172021-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172021-2 1 Vehicle or related 20172021-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services Vehicle Trust (BMW Vehicle Lease Trust 2021-1), Financial Services Vehicle (BMW Vehicle Lease Trust 2021-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172023-2 Leases for inclusion in the 20172023-2 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172023-2 Leases which would cause delinquencies or losses on the 20172023-2 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172023-2 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172023-2 Lease or 20172023-2 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172023-2 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172023-2 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172023-2 Lease and the related 20172023-2 Vehicle from the 20172023-2 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172023-2 Vehicle and the related 20172023-2 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172023-2 Vehicle or 20172023-2 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172023-2 Vehicle or related 20172023-2 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2023-2), Basic Servicing Agreement (BMW Vehicle Lease Trust 2023-2)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 2017-2 1 Leases for inclusion in the 2017-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 2017-2 1 Leases which would cause delinquencies or losses on the 2017-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 2017-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 2017-2 1 Lease or 2017-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 2017-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 2017-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 2017-2 1 Lease and the related 2017-2 1 Vehicle from the 2017-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 2017-2 1 Vehicle and the related 2017-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 2017-2 1 Vehicle or 2017-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 2017-2 1 Vehicle or related 2017-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services Vehicle (BMW Vehicle Lease Trust 2017-1), Financial Services Vehicle (BMW Vehicle Lease Trust 2017-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172022-2 1 Leases for inclusion in the 20172022-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172022-2 1 Leases which would cause delinquencies or losses on the 20172022-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172022-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172022-2 1 Lease or 20172022-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172022-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172022-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172022-2 1 Lease and the related 20172022-2 1 Vehicle from the 20172022-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172022-2 1 Vehicle and the related 20172022-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172022-2 1 Vehicle or 20172022-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172022-2 1 Vehicle or related 20172022-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172023-2 1 Leases for inclusion in the 20172023-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172023-2 1 Leases which would cause delinquencies or losses on the 20172023-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172023-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172023-2 1 Lease or 20172023-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172023-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172023-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172023-2 1 Lease and the related 20172023-2 1 Vehicle from the 20172023-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172023-2 1 Vehicle and the related 20172023-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172023-2 1 Vehicle or 20172023-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172023-2 1 Vehicle or related 20172023-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2023-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2023-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172019-2 1 Leases for inclusion in the 20172019-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172019-2 1 Leases which would cause delinquencies or losses on the 20172019-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172019-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172019-2 1 Lease or 20172019-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172019-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172019-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172019-2 1 Lease and the related 20172019-2 1 Vehicle from the 20172019-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172019-2 1 Vehicle and the related 20172019-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172019-2 1 Vehicle or 20172019-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172019-2 1 Vehicle or related 20172019-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services Vehicle (BMW Vehicle Lease Trust 2019-1), Financial Services (BMW Vehicle Lease Trust 2019-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172018-2 1 Leases for inclusion in the 20172018-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172018-2 1 Leases which would cause delinquencies or losses on the 20172018-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172018-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172018-2 1 Lease or 20172018-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172018-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172018-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172018-2 1 Lease and the related 20172018-2 1 Vehicle from the 20172018-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172018-2 1 Vehicle and the related 20172018-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172018-2 1 Vehicle or 20172018-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172018-2 1 Vehicle or related 20172018-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Financial Services (BMW Vehicle Lease Trust 2018-1), Financial Services (BMW Vehicle Lease Trust 2018-1)
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172024-2 1 Leases for inclusion in the 20172024-2 1 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172024-2 1 Leases which would cause delinquencies or losses on the 20172024-2 1 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172024-2 1 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172024-2 1 Lease or 20172024-2 1 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172024-2 1 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172024-2 1 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172024-2 1 Lease and the related 20172024-2 1 Vehicle from the 20172024-2 1 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172024-2 1 Vehicle and the related 20172024-2 1 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172024-2 1 Vehicle or 20172024-2 1 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172024-2 1 Vehicle or related 20172024-2 1 Lease for purposes of the SUBI Trust Agreement.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1)
Vehicle. The Servicer also hereby represents You should read this Agreement carefully. It contains the entire agreement between You and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 2017-2 Leases for inclusion in the 2017-2 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 2017-2 Leases which would cause delinquencies or losses on the 2017-2 Leases to be worse than Us. It takes precedence over any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as written or oral statements made to the actual delinquencies or losses on the 2017-2 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 2017-2 Lease or 2017-2 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 2017-2 SUBI Collection Account an amount equal to the Reallocation Payment You with respect to such 2017this Agreement. This is a service agreement, not a warranty or insurance contract. REVIEW "STATE AMENDMENTS" FOR ANY RIGHTS, PRIVILEGES AND CONDITIONS THAT GOVERN THIS AGREEMENT IN YOUR STATE. Any modification(s), alteration(s) or change(s) to the preprinted terms and conditions is/are invalid and of no force or effect. You acknowledge Your understanding of and agree to the DISPUTE RESOLUTION/ARBITRATION AGREEMENT AND CLASS ACTION WAIVER section in this Agreement. Refer to the DISPUTE RESOLUTION/ARBITRATION AGREEMENT AND CLASS ACTION WAIVER section for opt-2 Lease out instructions. THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES. This Agreement is based on information You provided in this Schedule Page. You acknowledge Your understanding of the Limited Applicability of the Federal Xxxxxxxx-Xxxx Warranty Act as set out in Limited Applicability of the Federal Xxxxxxxx-Xxxx Warranty Act section of this Agreement. Your signature below means that You have reviewed and understand the Agreement Terms and Conditions. The Purchase Price may be financed with the purchase of this Vehicle. Other payment options may be available. Signed by: Signed by Customer Date Dealer/Seller Representative Date Claims: (ii000) direct the Vehicle Trustee 000-0000 You are required to reallocate such 2017obtain authorization prior to beginning any Repairs covered by this Agreement by calling (000) 000-2 Lease 0000. Repair Facilities go to xxx.xxxxxxxxxxx.xx or call (000) 000-0000 on instructions on how to file a claim. AGREEMENT TERMS & CONDITIONS This Agreement is between You and the related 2017-2 Vehicle from Provider. This Agreement describes the 2017-2 SUBI coverage You will have under Your Agreement. In return for payment by You on the Schedule Page and subject to all the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 2017-2 Vehicle and the related 2017-2 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes terms of this Servicing SupplementAgreement, We agree with You as follows: TABLE OF CONTENTS I. DEFINITIONS & KEY TERMS PAGE 2 II. Neither COVERAGES / PROTECTION PLANS PAGES 3-6 a. GOLF CART COVERAGE b. OPTIONAL COVERAGES & SURCHARGES III. SUPPLEMENTAL BENEFITS PAGE 6 IV. EXCLUSIONS AND WHAT IS NOT COVERED PAGES 7-8 V. YOUR RESPONSIBILITIES & OBLIGATIONS PAGE 8 VI. WHAT TO DO IF YOU NEED REPAIRS PAGE 9 VII. GENERAL PROVISIONS PAGES 9-10 VIII. STATE ADMEMDMENTS PAGES 11-15 I. DEFINITIONS & KEY TERMS The following words whether capitalized or in bold have the Vehicle Trustee nor following meaning throughout this Agreement. Administrator: XxxxxxXxxxx.xx, LLC, 0000 Xxxxxxxxx Xxxxx Xxxxx 000, Xxxxxxxxx, XX 00000 (000)000-0000, except in the Indenture Trustee shall have any duty to conduct any affirmative investigation as to state of Florida. In Florida, the occurrence of any condition requiring the reallocation of any 2017Administrator is Xxxxxx Southern Insurance Company 00000 Xxxxxxxx Xxxx Xxxx., Xxx. 000, Xxxxxxxxxxxx, XX 00000, Tel: (000) 000-2 Vehicle 0000, Florida License No. 03698. Agreement: This Xxxx Xxxx Cart Care Agreement is an agreement between You and Us that provides mechanical repair or 2017-2 Lease pursuant to this Section 2.3(a) or the eligibility of any 2017-2 Vehicle or related 2017-2 Lease for purposes of the SUBI Trust Agreementreplacement services.
Appears in 1 contract
Samples: assets-global.website-files.com
Vehicle. The Servicer also hereby represents and warrants that aside from the selection criteria included in such representations and warranties it used no adverse selection procedures in selecting any of the 20172021-2 Leases for inclusion in the 20172021-2 SUBI and that aside from such criteria it is not aware of any bias in the selection of the 20172021-2 Leases which would cause delinquencies or losses on the 20172021-2 Leases to be worse than any other Leases held by the Vehicle Trust; provided, however, that the Servicer can make no assurance as to the actual delinquencies or losses on the 20172021-2 Leases other than as specifically set forth in Section 2.15. Upon discovery by the Vehicle Trustee or the Servicer or upon written notice to a Responsible Officer of the Indenture Trustee that any such representation or warranty was incorrect as of the date hereof and materially and adversely affects the interests of the Issuer in the related 20172021-2 Lease or 20172021-2 Vehicle, the party discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. Within 60 days after the Servicer’s discovery of such incorrectness or receipt of the foregoing notice, the Servicer shall cure in all material respects the circumstance or condition as to which the representation or warranty was incorrect as of the date hereof. If the Servicer is unable or unwilling to do so within such period, it shall promptly (i) deposit or cause to be deposited into the 20172021-2 SUBI Collection Account an amount equal to the Reallocation Payment with respect to such 20172021-2 Lease and (ii) direct the Vehicle Trustee to reallocate such 20172021-2 Lease and the related 20172021-2 Vehicle from the 20172021-2 SUBI to the UTI. The Servicer may further direct the Vehicle Trustee to cause such reallocated 20172021-2 Vehicle and the related 20172021-2 Lease to be conveyed to the Servicer as described in Section 2.3(h) below. Such deposit of the Reallocation Payment shall satisfy the Servicer’s obligations to the Issuer pursuant to this Section, shall be deemed to constitute payment in full of the Reallocation Payment with respect thereto and shall cure any incorrectness of the related representation or warranty for purposes of this Servicing Supplement. Neither the Vehicle Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any condition requiring the reallocation of any 20172021-2 Vehicle or 20172021-2 Lease pursuant to this Section 2.3(a) or the eligibility of any 20172021-2 Vehicle or related 20172021-2 Lease for purposes of the SUBI Trust Agreement.
Appears in 1 contract
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2021-2)